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Avon introduces ordinance to allow up to $5.35M in bonds for Lenar phase two
Summary
Council introduced ordinance 2026-10 (first reading) to authorize economic development revenue bonds for phase two of the Lenar/Hope II development, setting a $5.35 million maximum and limiting proceeds to project infrastructure; adoption requires a later council vote.
The Avon Town Council on July 23 heard first reading of Ordinance 2026-10, which would authorize economic development revenue bonds (series 2026B) for phase two of the Lenar/Hope II allocation area. Staff said proceeds would be used for roads, sidewalks, water, sanitary sewer, stormwater and other infrastructure and that the ordinance establishes guardrails limiting use of bond proceeds to the Lenar project.
A staff presenter told the council "the maximum amount of this bond series would be $5,350,000" and said the bonds would be payable over no more than 25 years and include optional and mandatory redemption provisions. The Economic Development Commission has found the financing would further economic development and be in the public interest, staff said.
Council members asked clarifying questions about prior bond proceeds and whether unspent funds from the earlier A series remain; staff said they would follow up with an exact accounting. The ordinance was introduced on first reading and will return for formal consideration at a future meeting if the council elects to advance it to second reading.
